Drug Lord Loses Access Code To 55 Million Euro Worth Of Bitcoin

Parth Vig
Parth Vig is a Management student, and a keen observer of Cryptocurrency and blockchain technology, his interest in writing brings him to thecoinrepublic.com, He believes that he has many ideas that he pens down and he feels it would be a great asset for any kind of creative writing.
  • The Criminal Asset Bureau (CAB) has managed to seize twelve accounts associated with the drug lord.
  • These 55 million Euro worth of Bitcoin could have been the largest amount that CAB has seized in its 25 years of existence.
  • Clifton Colling, the drug dealer, bought most of the Bitcoin in 2011 and 2012 using the money he got from the sale of cannabis.

Ever lost your car keys or perhaps your wallet? If yes, then you might know about the frustration that it causes. A similar thing happened to a drug dealer who gathered 55 million Euro worth of cryptocurrency and lost his e-wallet.

How does one lose their e-wallet? An e-wallet can be accessed with a code, and the drug dealer kept his code hidden beside his fishing rods.

The Criminal Asset Bureau (CAB) has managed to seize twelve accounts associated with the drug lord. However, these accounts are inaccessible due to the lack of security keys.

These 55 million Euro worth of Bitcoin could have been the largest amount that CAB has seized in its 25 years of existence. However, as the money cannot be recovered, the record is not valid.

Garda officers have hopes that one day there would be advanced technology that could help them access the sum. At that time, the Bitcoin could be sold to recover the money.

Clifton Colling, the drug dealer, bought most of the Bitcoin in 2011 and 2012 using the money he got from the sale of cannabis. In the past few years, the value of coins has risen significantly. He even used some of this money to buy himself a gyroplane and learn how to fly.

In 2017, Collins kept 6000 Bitcoin in his account. However, fear of hackers forced him to divide the sum over 12 accounts transferring 500 Bitcoin in each one. This means that each of these accounts has 4.5 million Euros in them.

He printed the access codes associated with these accounts on a sheet of paper and put it in the aluminum cap of his fishing rod box. He kept the box at his rented home in Farnaught, Cornamona, Co Galway.

He was busted for cannabis in 2017 and was jailed for five years. Meanwhile, somebody broke into his house, and his landlord also cleared it. In the end, the box containing access to 55 million Euros was lying in a dump yard in Co Galway only to be incinerated along with the access codes.

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